CIMB records 8 M clients at end-May

Digital-only commercial bank CIMB Bank Philippines Inc. said it is poised to achieve "significantly stronger" income growth this year, logging a record-high of eight million customers as of end-May and total active accounts exceeding 11 million.

- KEISHA TA-ASAN

CIMB Bank PH CEO Vijay Manoharan told reporters the bank was able to achieve profitability in 2023 due to high interest income, significant growth in loans receivables and fees as well as an increase in lending balance sheet.

"Five years into our business, we are amongst the very few digital banks globally that can confidently say that we are a profitable venture. We are no longer in the red. That is a significant milestone on top of still investing in the business," he said.

Manoharan said the bank would continue to invest and grow its business responsibly for the long term.